fidentiis tordesillas sicav · mr ricardo seixas executive director and fund manager fidentiis...

FIDENTIIS TORDESILLAS SICAV

Société d'Investissement à Capital Variable

Unaudited Semi-Annual Reportas at

June 30, 2019

R.C.S. Luxembourg B 156.897

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.


TABLE OF CONTENTS

DIRECTORS AND ADMINISTRATION ........................................................................................................................................................... 4

GENERAL INFORMATION............................................................................................................................................................................... 5

COMBINED STATEMENT OF NET ASSETS .................................................................................................................................................. 6

COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ...................................................................................... 7

FIDENTIIS TORDESILLAS SICAV - IBERIA .................................................................................................................................................. 8

STATEMENT OF NET ASSETS .................................................................................................................................................................................................. 8

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS ...................................................................................................................................... 9

STATISTICAL INFORMATION ............................................................................................................................................................................................... 10

CHANGES IN THE NUMBER OF SHARES, IN NET ASSETS AND IN NET ASSET VALUE PER SHARE...................................................................... 11

STATEMENT OF INVESTMENTS IN SECURITIES AND OTHER NET ASSETS ............................................................................................................... 12

GEOGRAPHICAL CLASSIFICATION OF THE INVESTMENTS IN SECURITIES .............................................................................................................. 14

ECONOMIC CLASSIFICATION OF THE INVESTMENTS IN SECURITIES ........................................................................................................................ 15

FIDENTIIS TORDESILLAS SICAV - GLOBAL STRATEGY ....................................................................................................................... 16

STATEMENT OF NET ASSETS ................................................................................................................................................................................................ 16

STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS .................................................................................................................................... 17






FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT ...................................................................................................................... 25








FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIAL OPPORTUNITIES .................................................................................. 33








NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................................................... 41

SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION ........................................................................................ 49

REMUNERATION POLICY OF THE MANAGEMENT COMPANY ............................................................................................................ 51

3


4

DIRECTORS AND ADMINISTRATION

REGISTERED OFFICE 106, Route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg BOARD OF DIRECTORS Mr Ricardo Seixas Executive Director and Fund Manager Fidentiis Gestión S.G.I.I.C. S.A. Velázquez, 140, Bajo-Dcha E-28006 Madrid Spain Mr Alvaro Llanza Portfolio Manager Fidentiis Gestión S.G.I.I.C. S.A. Velázquez, 140, Bajo-Dcha E-28006 Madrid Spain Mr Javier Valls Independent Director The Director’s Office 19, Rue de Bitbourg L-1273 Luxembourg Grand Duchy of Luxembourg LEGAL ADVISERS Eversheds Sutherland (Luxembourg) LLP 33, Rue Sainte Zithe L-2763 Luxembourg Grand Duchy of Luxembourg INVESTMENT MANAGER Fidentiis Gestión S.G.I.I.C. S.A. Velázquez, 140, Bajo-Dcha E-28006 Madrid Spain MANAGEMENT COMPANY AND DOMICILIARY AGENT Lemanik Asset Management S.A. 106, Route d’Arlon L-8210 Mamer Grand Duchy of Luxembourg

BOARD OF DIRECTORS OF THE MANAGEMENT COMPANY Mr Gianluigi Sagramoso (Chairman) Mr Carlo Sagramoso Mr Philippe Meloni CONDUCTING PERSONS OF THE MANAGEMENT COMPANY Mr Philippe Meloni Mr Jean Philippe Claessens Mr Alexandre Dumont Ms Sandrine Puccilli DEPOSITARY Edmond de Rothschild (Europe) 20, Boulevard Emmanuel Servais L-2535 Luxembourg Grand Duchy of Luxembourg ADMINISTRATIVE, REGISTRAR AND TRANSFER AGENT Edmond de Rothschild Asset Management (Luxembourg) 20, Boulevard Emmanuel Servais L-2535 Luxembourg Grand Duchy of Luxembourg AUDITOR PricewaterhouseCoopers, Société coopérative 2, Rue Gerhard Mercator B.P. 1443, L-1014 Luxembourg Grand Duchy of Luxembourg


5

GENERAL INFORMATION

INFORMATION TO THE SHAREHOLDERS Notices of all general meetings will be published in the Mémorial to the extent required by Luxembourg law and in such other newspapers as the Directors shall determine. The current Articles of Incorporation of the Fund are lodged with the Registrar of the Luxembourg District Court, from whom copies may be obtained. The issue price and the redemption price of the Fund shares of each class are made public at the Registered

Office of the Fund, where annual and semi-annual reports may be obtained. Subscriptions cannot be received on the basis of financial reports. Subscriptions are valid only if made on the basis of the current prospectus and Key Investors Information Document (KIID), supplemented by the last audited annual report and the most recent semi-annual report if published thereafter.

NET ASSET VALUE PER SHARE The Net Asset Value of each Sub-Fund shall be calculated in the Reference Currency of the relevant Sub-Fund or Class and shall be determined by the Administrative Agent as on each Valuation Day by calculating the aggregate of: (a) the value of all assets of the Fund which are allocated to the relevant Sub-Fund in accordance with the provisions of the Articles; less (b) all the liabilities of the Fund which are allocated to the relevant Sub-Fund in accordance with the provisions of the Articles, and all fees attributable to the relevant Sub-Fund, which fees have been accrued but are unpaid on the relevant Valuation Day. The Net Asset Value per Share shall be calculated in the Reference Currency of the relevant Sub-Fund and shall be calculated by the Administrative Agent as at the Valuation Day of the relevant Sub-Fund by dividing the Net Asset Value of the relevant Sub-Fund

by the number of Shares which are in issue on such Valuation Day in the relevant Sub-Fund (including Shares in relation to which a Shareholder has requested redemption on such Valuation Day). If the Sub-Fund has more than one Class in issue, the Administrative Agent shall calculate the Net Asset Value for each Class by dividing the portion of the Net Asset Value of the relevant Sub-Fund attributable to a particular Class by the number of Shares of such Class in the relevant Sub-Fund which are in issue on such Valuation Day (including Shares in relation to which a Shareholder has requested redemption on such Valuation Day). The Net Asset Value per Share may be rounded up or down to the nearest whole unit of the currency in which the Net Asset Value of the relevant shares are calculated. The Net Asset Value will be calculated up to four decimal places.

RISK MANAGEMENT The Sub-Funds use the commitment approach to monitor their global exposure.

6


COMBINED STATEMENT OF NET ASSETSJune 30, 2019

ASSETS

Portfolio: (see notes)173,859,859.61- Cost

422,342.90- Net unrealised result174,282,202.51

Cash:30,208,409.56- Cash at sight63,500,000.00- Fiduciary deposits

5,613.06- Margin deposits

Other assets:26,582.02- Receivable on subscriptions

294,539.38- Interest receivable83,436.83- Dividend receivable

7,646.33- Formation expenses, net2,155,285.66- Receivable for investments sold

27,010.69- Unrealised gain on futures (see notes)270,590,726.04

LIABILITIES

Bank overdraft:430,441.71- Cash at sight

44.14- Margin call

Other liabilities:685,543.79- Taxes and expenses payable213,315.00- Unrealised loss on futures (see notes)

9,591.16- Unrealised loss on swaps contracts (see notes)77.34- Payable on swaps contracts

24,341.93- Interest payable1,363,355.07

NET ASSETS 269,227,370.97

(in EUR)

The notes are an integral part of these financial statements.

7


COMBINED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2019 to June 30, 2019

NET ASSETS AT THE BEGINNING OF THE PERIOD 275,767,858.43

INCOME

Income from investments:- Dividends, net 2,491,476.77- Bond interest, net 544,374.42- Other income 451.27

3,036,302.46

EXPENSES

Interests on swaps contracts, net 7,791.67Bank interest, net 234,516.68

Fees:- Management fee (see notes) 1,668,442.46- Performance fee (see notes) 1.87- Depositary fee and safekeeping charges (see notes) 209,778.12

Other expenses:- Subscription tax (see notes) 49,557.03- Amortisation of formation expenses 1,971.97- Audit and legal fees 30,718.61- Transaction fees (see notes) 1,028,234.60- Administration and other expenses 95,947.22

3,326,960.23

NET OPERATING RESULT (290,657.77)

Net realised result on:- Sales of investments (see notes) 547,443.90- Foreign exchange (see notes) 130,080.92- Swaps contracts (see notes) (392,307.21)

NET REALISED RESULT (5,440.16)

Change in net unrealised appreciation/(depreciation) on:- Investments 7,936,370.92- Futures (243,516.18)- Swaps contracts (26,591.16)

NET INCREASE/(DECREASE) IN NET ASSETS AS ARESULT OF OPERATIONS

7,660,823.42

MOVEMENTS IN CAPITAL

Subscriptions of shares 99,337,797.03Redemptions of shares (113,539,107.91)

(14,201,310.88)

NET ASSETS AT THE END OF THE PERIOD 269,227,370.97

(in EUR)


8

FIDENTIIS TORDESILLAS SICAV IBERIA

STATEMENT OF NET ASSETSJune 30, 2019

(in EUR)


ASSETS

Portfolio: (see notes)- Cost 79,244,517.79- Net unrealised result 2,541,924.55

81,786,442.34

Cash:- Cash at sight 6,786,606.74- Fiduciary deposits 17,000,000.00

Other assets:- Dividend receivable 56,100.00- Receivable for investments sold 78,055.04

105,707,204.12

LIABILITIES

Bank overdraft:- Cash at sight 247.34

Other liabilities:- Taxes and expenses payable 251,779.68- Unrealised loss on futures (see notes) 23,510.00- Interest payable 6,676.28

282,213.30

NET ASSETS 105,424,990.82

216,906.846 13.458 per shareEURShares of category A - EUR - Capitalisation with a value of578,424.768 16.495 per shareEURShares of category I - EUR - Capitalisation with a value of

9,716,100.428 9.568 per shareEURShares of category Z - EUR - Capitalisation with a value of

Represented by:



9


STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSPeriod from January 1, 2019 to June 30, 2019


INCOME

Income from investments:- Dividends, net 1,192,484.38

1,192,484.38

EXPENSES

Bank interest, net 65,799.45

Fees:- Management fee (see notes) 623,183.08- Depositary fee and safekeeping charges (see notes) 84,384.73

Other expenses:- Subscription tax (see notes) 24,504.07- Audit and legal fees 9,550.89- Transaction fees (see notes) 272,306.03- Administration and other expenses 21,858.89

1,101,587.14

NET OPERATING RESULT 90,897.24

Net realised result on:- Sales of investments (see notes) 2,709,331.37- Foreign exchange (see notes) 7,326.97

NET REALISED RESULT 2,807,555.58

Change in net unrealised appreciation/(depreciation) on:- Investments 3,413,164.49- Futures (23,510.00)


6,197,210.07



(9,055,650.01)


(in EUR)


10


STATISTICAL INFORMATIONPeriod from January 1, 2019 to June 30, 2019

A - EUR -Capitalisation

Shares outstanding at the beginning of the period 387,295.020

Subscriptions of shares 11,221.307

Redemptions of shares (181,609.481)

Shares outstanding at the end of the period 216,906.846

NET ASSET VALUE PER SHARE EUR

Highest 13.66804.30.19

Lowest 12.75301.03.19

At the end of the period 13.458

I - EUR -Capitalisation

6,570,595.001

45,985.661

(6,038,155.894)

578,424.768

EUR

16.73704.30.19

15.58301.03.19

16.495

Z - EUR -Capitalisation

101,559.220

9,952,929.053

(338,387.845)

9,716,100.428

EUR

9.70504.30.19

9.03401.03.19

9.568

SHARES

11


CHANGES IN THE NUMBER OF SHARES,IN NET ASSETS AND

IN NET ASSET VALUE PER SHARE

Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

714,221.681 11.5328,236,557.8112.31.16 A - EUR - Capitalisation EUR2,373,069.274 13.96733,144,352.46I - EUR - Capitalisation EUR

87,597.848 10.020877,751.13Z - EUR - Capitalisation04.27.18* EUR

399,566.215 13.6015,434,423.80A - EUR - Capitalisation EUR12.31.175,774,066.384 16.53795,485,677.31I - EUR - Capitalisation EUR

387,295.020 12.7574,940,818.89A - EUR - Capitalisation12.31.18 EUR6,570,595.001 15.588102,424,880.11I - EUR - Capitalisation EUR

101,559.220 9.036917,731.76Z - EUR - Capitalisation EUR

216,906.846 13.4582,919,175.92A - EUR - Capitalisation06.30.19 EUR578,424.768 16.4959,541,125.04I - EUR - Capitalisation EUR

9,716,100.428 9.56892,964,689.86Z - EUR - Capitalisation EUR

12


STATEMENT OF INVESTMENTS IN SECURITIESAND OTHER NET ASSETS

June 30, 2019(in EUR)


Quantity Description Cost Valueper

security

Marketvalue

(see notes)

% ofnet

assets

50,000.00 BEFESA SA EUR 35.000 1,750,000.00 1.661,744,921.35

LUXEMBOURG

EQUITIES

TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

1.661,750,000.001,744,921.35TOTAL LUXEMBOURG

1,571,774.00 EDP-ENERGIAS REG.SHS EUR 3.342 5,252,868.71 4.985,435,856.42

PORTUGAL

240,000.00 GALP ENERGIA SA REG SHS -B- EUR 13.525 3,246,000.00 3.083,174,502.0010.00 MOTA ENGIL SGPS SA EUR 1.905 19.05 0.0040.07

1,042,924.00 NAVIGATOR COMP EUR 3.358 3,502,138.79 3.324,419,885.16313,213.00 NOS REG SHS EUR 5.780 1,810,371.14 1.721,800,357.72

13.1013,811,397.6914,830,641.37TOTAL PORTUGAL

100,000.00 ACS EUR 35.110 3,511,000.00 3.333,824,560.00

SPAIN

400,000.00 APPLUS SERVICES S.A. EUR 11.950 4,780,000.00 4.534,416,755.53160,000.00 CELLNEX TELECOM EUR 32.540 5,206,400.00 4.943,907,619.62

55,000.00 CONSTR AUXIL FERROC EUR 40.300 2,216,500.00 2.102,142,754.06241,723.00 DISTRIBUCION INTEGRAL HOLDINGS EUR 19.920 4,815,122.16 4.574,818,588.26120,448.00 EBRO FOODS SA EUR 18.820 2,266,831.36 2.152,199,553.12200,000.00 EDP RENOVAVEIS SA EUR 9.020 1,804,000.00 1.711,816,000.00800,000.00 GLOBAL DOMINION ACCESS SA EUR 4.505 3,604,000.00 3.423,023,475.56175,000.00 GRIFOLS SA -A- EUR 26.000 4,550,000.00 4.324,259,596.65121,698.00 GRUPO ROVI EUR 20.100 2,446,129.80 2.321,971,621.00670,000.00 IBERDROLA SA EUR 8.766 5,873,220.00 5.584,960,678.18179,342.00 LAR ESPANA EUR 6.820 1,223,112.44 1.161,414,560.02

1.00 MEDIASET ESPANA COM SA EUR 6.394 6.39 0.0010.33400,000.00 MERLIN PROPERTIES SOCIMI S.A. EUR 12.200 4,880,000.00 4.634,634,847.77375,000.00 REPSOL SA EUR 13.785 5,169,375.00 4.905,437,454.30

2,415,278.00 SACYR SA EUR 2.132 5,149,372.70 4.885,036,994.4550,000.00 TECNICAS REUNIDAS EUR 22.560 1,128,000.00 1.071,224,873.63

549,419.00 TUBACEX EUR 2.770 1,521,890.63 1.441,506,847.8857.0560,144,960.4856,596,790.36TOTAL SPAIN

30,000.00 AIRBUS GROUP EUR 124.680 3,740,400.00 3.553,652,602.00

THE NETHERLANDS

3.553,740,400.003,652,602.00TOTAL THE NETHERLANDS

Ccy

13




security

Marketvalue

(see notes)

% ofnet

assets

1,000,000.00 TULLOW OIL PLC GBP 2.095 2,339,684.17 2.222,419,562.71

UNITED KINGDOM

2.222,339,684.172,419,562.71TOTAL UNITED KINGDOM

TOTAL EQUITIES 77.5881,786,442.3479,244,517.79

TOTAL TRANSFERABLE SECURITIES AND MONEYMARKET INSTRUMENTS ADMITTED TO ANOFFICIAL STOCK EXCHANGE OR DEALT IN ONANOTHER REGULATED MARKET

77.5881,786,442.3479,244,517.79

TOTAL INVESTMENTS IN SECURITIES 77.5881,786,442.3479,244,517.79

Cash/(bank overdraft) 22.5623,786,359.40Other assets and liabilities (0.14)(147,810.92)

TOTAL NET ASSETS 100.00105,424,990.82

Ccy

14


GEOGRAPHICAL CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES

June 30, 2019(in %)

Spain 57.05Portugal 13.10The Netherlands 3.55United Kingdom 2.22Luxembourg 1.66

TOTAL INVESTMENTS IN SECURITIES

Other assets/(liabilities) and liquid assets 22.42NET ASSETS 100.00

77.58

% ofnet

assets

COUNTRIES

15


ECONOMIC CLASSIFICATIONOF THE INVESTMENTS IN SECURITIES

June 30, 2019(in %)

Energy and water supply 10.56Oil 10.20Building and building materials 8.21Miscellaneous services 7.95Real estate 5.79Data transmission 4.94Tobacco and alcohol 4.57Biotechnology 4.32Aeronautical and astronomical industry 3.55Environmental services & recycling 3.37Paper and timber 3.32Mechanical engineering and industrial equipment 3.17Pharmaceutical and cosmetics industry 2.32Foodstuffs and non-alcoholic drinks 2.15Graphic industry and publishing houses 1.72Mining industry 1.44

ECONOMIC SECTORS % ofnet

assets



77.58

16

FIDENTIIS TORDESILLAS SICAV GLOBAL STRATEGY


(in EUR)


ASSETS

Portfolio: (see notes)- Cost 39,632,443.91- Net unrealised result 232,793.18

39,865,237.09

Cash:- Cash at sight 6,578,349.31

Other assets:- Interest receivable 241,484.33- Dividend receivable 11,718.00- Unrealised gain on futures (see notes) 27,010.69

46,723,799.42

LIABILITIES

Bank overdraft:- Cash at sight 429,572.07

Other liabilities:- Taxes and expenses payable 117,035.56- Unrealised loss on futures (see notes) 36,605.00- Interest payable 101.07

583,313.70

NET ASSETS 46,140,485.72



Represented by:



17




INCOME

Income from investments:- Dividends, net 108,216.32- Bond interest, net 436,806.76

545,023.08

EXPENSES



Other expenses:- Subscription tax (see notes) 11,598.99- Amortisation of formation expenses 84.21- Audit and legal fees 6,698.36- Transaction fees (see notes) 115,547.67- Administration and other expenses 18,056.00

502,057.97


Net realised result on:- Sales of investments (see notes) (1,608,228.68)- Foreign exchange (see notes) 133,201.63

NET REALISED RESULT (1,432,061.94)

Change in net unrealised appreciation/(depreciation) on:- Investments 949,000.54- Futures (124,874.18)


(607,935.58)


Subscriptions of shares 189,993.00Redemptions of shares (6,100,978.51)

(5,910,985.51)


(in EUR)


18









Highest 9.75401.02.19

Lowest 9.59906.18.19



239,310.221

0.000

(215,269.448)

24,040.773

EUR

10.05701.02.19

9.90506.18.19

9.916


4,838,237.894

12,720.000

(327,112.813)

4,523,845.081

EUR

9.70601.02.19

9.57906.18.19

9.591

SHARES




Date Share Number of Net Ccy Net assetClass shares Assets value

outstanding per share

**11.24.16 A - EUR - Capitalisation 2,944.629 27,030.95 EUR 9.18012.31.16 I - EUR - Capitalisation 790,075.008 7,958,053.02 EUR 10.073

Z - EUR - Capitalisation 787,944.588 7,547,667.76 EUR 9.579*03.28.17 A - EUR - Capitalisation 100.000 1,001.99 EUR 10.020

12.31.17 A - EUR - Capitalisation 198,792.759 2,019,590.72 EUR 10.159I - EUR - Capitalisation 24,040.773 252,075.04 EUR 10.485Z - EUR - Capitalisation 4,166,259.091 41,840,343.75 EUR 10.043

12.31.18 A - EUR - Capitalisation 337,968.992 3,296,202.59 EUR 9.753I - EUR - Capitalisation 239,310.221 2,406,623.61 EUR 10.057Z - EUR - Capitalisation 4,838,237.894 46,956,580.61 EUR 9.705

06.30.19 A - EUR - Capitalisation 261,736.731 2,515,107.40 EUR 9.609I - EUR - Capitalisation 24,040.773 238,379.72 EUR 9.916Z - EUR - Capitalisation 4,523,845.081 43,386,998.60 EUR 9.591

* First valuation** Last valuation

19

20






security

Marketvalue

(see notes)

% ofnet

assets

9,140.00 AB INBEV EUR 77.840 711,457.60 1.54711,242.16

BELGIUM

EQUITIES


1.54711,457.60711,242.16TOTAL BELGIUM

2,000.00 ESSILORLUXOTTICA SA EUR 114.750 229,500.00 0.50222,409.80

FRANCE

11,900.00 NEXANS SA EUR 29.520 351,288.00 0.76327,631.158,500.00 RENAULT SA EUR 55.290 469,965.00 1.02458,978.75

20,000.00 TOTAL SA EUR 49.275 985,500.00 2.13982,033.004.412,036,253.001,991,052.70TOTAL FRANCE

22,100.00 PRYSMIAN SPA EUR 18.150 401,115.00 0.86350,839.49

ITALY

214,434.00 SARAS RAFFINERIE SARDE SPA EUR 1.324 283,910.62 0.62306,007.5024,000.00 TECHNOGYM SPA (ITA) EUR 9.790 234,960.00 0.51239,294.40

1.99919,985.62896,141.39TOTAL ITALY

28,060.00 MOWI ASA NOK 199.450 576,894.30 1.25577,977.62

NORWAY

1.25576,894.30577,977.62TOTAL NORWAY

180,000.00 NAVIGATOR COMP EUR 3.358 604,440.00 1.31709,200.00

PORTUGAL

1.31604,440.00709,200.00TOTAL PORTUGAL

16,440.00 CELLNEX TELECOM EUR 32.540 534,957.60 1.16399,353.29

SPAIN

33,840.00 FERROVIAL SA EUR 22.510 761,738.40 1.65715,994.8572,000.00 REPSOL SA EUR 13.785 992,520.00 2.161,088,743.20

4.972,289,216.002,204,091.34TOTAL SPAIN

TOTAL EQUITIES 15.477,138,246.527,089,705.21

310,000.00 NOKIA 3.375 17-22 12/06S USD 101.388 276,418.14 0.60267,520.15

FINLAND

BONDS

0.60276,418.14267,520.15TOTAL FINLAND

1,000,000.00 THYSSENKRUPP AG 2.75 16-21 08/03A EUR 103.231 1,032,305.00 2.241,046,200.00

GERMANY

2.241,032,305.001,046,200.00TOTAL GERMANY

200,000.00 AZIMUT HOLDING 2.00 17-22 28/03A EUR 101.959 203,918.00 0.44200,000.00

ITALY

800,000.00 INTESA SAN PAOLO 1.125 15-22 04/03A EUR 101.680 813,440.00 1.76820,800.00

Ccy

21




security

Marketvalue

(see notes)

% ofnet

assets

1,500,000.00 ITAL BUON ORDI DEL ZCP 12-07-19 EUR 100.008 1,500,367.50 3.251,500,270.001,500,000.00 ITALY BUONI TES BOT ZCP 130919 EUR 100.045 1,500,763.15 3.251,500,150.00

200,000.00 TELECOM ITALIA SPA 3.00 16-25 30/09A EUR 103.706 207,411.00 0.45199,712.009.154,225,899.654,220,932.00TOTAL ITALY

422,000.00 AUTOROUTES DUL ATLAN 4.75 14-20 01/04A EUR 102.249 431,488.84 0.94446,898.00

SPAIN

500,000.00 BANCO SANTANDER 1.375 17-22 09/02A EUR 103.486 517,427.50 1.12514,250.00400,000.00 CELLNEX TELECOM REGS 2.375 16-24 16/01A EUR 105.531 422,124.00 0.91398,500.00

1,000,000.00 SACYR SA ZCP 130819 EUR 0.000 994,296.51 2.15996,533.171,500,000.00 VIESGO HOLDCO SA ZCP 080919 EUR 0.000 1,500,249.30 3.261,500,153.35

8.383,865,586.153,856,334.52TOTAL SPAIN

400,000.00 TELEFON ERICSSON 4.125 12-22 15/05S USD 103.676 364,717.48 0.79374,512.24

SWEDEN

0.79364,717.48374,512.24TOTAL SWEDEN

500,000.00 DEUTSCHE TEL INTL FIN 2.82 17-22 19/01S USD 100.924 443,797.55 0.96427,639.94

THE NETHERLANDS

500,000.00 EDP FINANCE 5.25 14-21 14/01S USD 103.879 456,791.70 0.99428,159.17500,000.00 FERROVIAL NL BV 2.124 17-XX 14/11A EUR 94.779 473,895.00 1.03445,000.00500,000.00 NOMURA EUROPE FINANC 1.125 15-20 03/06 EUR 101.201 506,002.50 1.10513,150.00


600,000.00 CREDIT AGRICOLE LDN 3.375 17-22 10/01S USD 101.962 538,031.75 1.17486,387.49

UNITED KINGDOM

1.17538,031.75486,387.49TOTAL UNITED KINGDOM

600,000.00 SANTANDER HLDGS 2.65 15-20 17/04S USD 99.969 527,517.96 1.14549,843.67

UNITED STATES OF AMERICA

2,500,000.00 UNIT STAT TREA BIL ZCP 15-08-19 USD 99.745 2,149,658.11 4.662,109,147.035.802,677,176.072,658,990.70TOTAL UNITED STATES OF AMERICA

TOTAL BONDS 32.2114,860,620.9914,724,826.21

29,027.00 VALLOUREC SA CV -DY- 4.125 17-22 04/10S EUR 5.585 162,104.18 0.35199,996.03

FRANCE

CONVERTIBLE BONDS

0.35162,104.18199,996.03TOTAL FRANCE

TOTAL CONVERTIBLE BONDS 0.35162,104.18199,996.03

600,000.00 VOLKSWAGEN BANK GMBH FL.R 17-21 15/06Q EUR 99.896 599,376.00 1.30600,000.00

GERMANY

FLOATING RATES BONDS

900,000.00 VOLKSWAGEN LEASING FL.R 17-21 06/07Q EUR 99.876 898,884.00 1.95900,000.003.251,498,260.001,500,000.00TOTAL GERMANY

1,000,000.00 INTESA SAN PAOLO FL.R 17-22 19/04Q EUR 99.900 999,000.00 2.17998,500.00

ITALY

2.17999,000.00998,500.00TOTAL ITALY

200,000.00 SES SA FL.R 16-49 29/11A EUR 110.314 220,628.00 0.48200,500.00

LUXEMBOURG

0.48220,628.00200,500.00TOTAL LUXEMBOURG

700,000.00 EDP ENERGIAS SUB FL.R 15-75 16/09A EUR 107.976 755,832.00 1.64743,456.00

PORTUGAL

500,000.00 PORTUGAL FL.R 17-22 02/08S EUR 104.975 524,875.00 1.14530,500.00740,000.00 PORTUGAL FL.R 17-22 05/12S EUR 103.780 767,972.00 1.66770,757.50

Ccy

22




security

Marketvalue

(see notes)

% ofnet

assets

750,000.00 REPUBLIC OF PORTUGAL FL.R 16-21 12/08S EUR 104.515 783,862.50 1.70794,250.00500,000.00 REPUBLIC OF PORTUGAL FL.R 18-25 23/07S EUR 105.655 528,275.00 1.14510,750.00

7.283,360,816.503,349,713.50TOTAL PORTUGAL

800,000.00 BANCO SANTANDER FL.R 17-23 28/03Q EUR 99.985 799,880.00 1.73805,584.00

SPAIN

1,700,000.00 BANCO SANTANDER SA FL.R 14-XX 12/03A EUR 100.606 1,710,302.00 3.711,721,322.80500,000.00 BANKINTER FL.R 17-27 06/04A EUR 104.020 520,100.00 1.13503,195.00

1,800,000.00 BCO BILBAO VIZCAYA FL.R 15-XX 18/05Q EUR 102.917 1,852,506.00 4.001,845,000.00800,000.00 IBERCAJA FL.R 15-25 28/07A EUR 103.664 829,312.00 1.80816,125.00500,000.00 UNNIM BANC SA FL.R 06-21 09/08A EUR 96.250 481,250.00 1.04486,250.00

13.416,193,350.006,177,476.80TOTAL SPAIN

800,000.00 UBS GROUP REGS FL.R 15-XX 19/02A USD 102.122 718,504.90 1.56759,626.16

SWITZERLAND

1.56718,504.90759,626.16TOTAL SWITZERLAND

600,000.00 ABN AMRO FL.R 15-XX 22/03S EUR 105.411 632,466.00 1.37627,000.00

THE NETHERLANDS

1,000,000.00 TELEFONICA EURO FL.R 19-XX 14/03A EUR 108.793 1,087,930.00 2.361,000,000.003.731,720,396.001,627,000.00TOTAL THE NETHERLANDS

750,000.00 FCE BANK FL.R 17-20 26/08Q EUR 99.537 746,527.50 1.62750,000.00

UNITED KINGDOM

1,000,000.00 NATWEST MARKETS FL.R 18-21 27/09Q EUR 100.544 1,005,440.00 2.181,002,850.00500,000.00 SANTANDER UK PLC FL.R 17-23 18/05Q EUR 98.759 493,795.00 1.07500,000.00


750,000.00 GOLDMAN SACHS GROUP FL.R 17-23 26/09Q EUR 99.673 747,547.50 1.62752,250.00

UNITED STATES OF AMERICA

1.62747,547.50752,250.00TOTAL UNITED STATES OF AMERICA

TOTAL FLOATING RATES BONDS 38.3717,704,265.4017,617,916.46


86.4039,865,237.0939,632,443.91


Cash/(bank overdraft) 13.336,148,777.24Other assets and liabilities 0.27126,471.39

TOTAL NET ASSETS 100.0046,140,485.72

Ccy

23



June 30, 2019(in %)

Spain 26.76Italy 13.31Portugal 8.59The Netherlands 7.81United States of America 7.42United Kingdom 6.04Germany 5.49France 4.76Switzerland 1.56Belgium 1.54Norway 1.25Sweden 0.79Finland 0.60Luxembourg 0.48



86.40

% ofnet

assets

COUNTRIES

24



June 30, 2019(in %)

Banks and other credit institutions 27.06Countries and central governments 16.80Holding and finance companies 8.07Data transmission 7.61Oil 4.91Energy and water supply 4.90Transportation 3.62Mining industry 2.24Building and building materials 2.15Other 1.80Tobacco and alcohol 1.54Paper and timber 1.31Agriculture and fishing 1.25Road vehicles 1.02Electrotechnical and electronic industry 0.76Miscellaneous consumer goods 0.51Pharmaceutical and cosmetics industry 0.50Mechanical engineering and industrial equipment 0.35


assets



86.40

25

FIDENTIIS TORDESILLAS SICAV IBERIA LONG-SHORT


(in EUR)


ASSETS

Portfolio: (see notes)- Cost 27,395,202.99- Net unrealised result 809,893.93

28,205,096.92

Cash:- Cash at sight 8,946,765.06- Fiduciary deposits 46,000,000.00- Margin deposits 5,613.06

Other assets:- Receivable on subscriptions 26,582.02- Formation expenses, net 4,520.72- Receivable for investments sold 2,077,230.62

85,265,808.40

LIABILITIES

Bank overdraft:- Cash at sight 43.97

Other liabilities:- Taxes and expenses payable 232,521.05- Unrealised loss on futures (see notes) 15,200.00- Unrealised loss on swaps contracts (see notes) 9,591.16- Payable on swaps contracts 77.34- Interest payable 17,236.29

274,669.81

NET ASSETS 84,991,138.59

91,768.542 10.979 per shareEURShares of category A - EUR - Capitalisation with a value of6,977,935.123 10.946 per shareEURShares of category I - EUR - Capitalisation with a value of

693,606.761 10.965 per shareEURShares of category Z - EUR - Capitalisation with a value of

Represented by:

91,768.542 10.979 per shareEURShares of category A - EUR - Capitalisation with a value of6,977,935.123 10.946 per shareEURShares of category I - EUR - Capitalisation with a value of

693,606.761 10.965 per shareEURShares of category Z - EUR - Capitalisation with a value of

26




INCOME

Income from investments:- Dividends, net 314,572.97- Other income 451.27

315,024.24

EXPENSES

Interests on swaps contracts, net 7,791.67Bank interest, net 121,781.59

Fees:- Management fee (see notes) 563,057.91- Performance fee (see notes) 1.87- Depositary fee and safekeeping charges (see notes) 60,274.28

Other expenses:- Subscription tax (see notes) 5,607.73- Amortisation of formation expenses 1,308.31- Audit and legal fees 8,661.77- Transaction fees (see notes) 118,797.60- Administration and other expenses 45,808.22

933,090.95

NET OPERATING RESULT (618,066.71)

Net realised result on:- Sales of investments (see notes) 895,524.34- Swaps contracts (see notes) (392,307.21)

NET REALISED RESULT (114,849.58)

Change in net unrealised appreciation/(depreciation) on:- Investments 1,376,104.05- Futures (171,500.00)- Swaps contracts (26,591.16)


1,063,163.31



4,572,570.71


(in EUR)


27









Highest 11.02306.21.19

Lowest 10.82902.13.19



6,862,313.313

126,712.810

(11,091.000)

6,977,935.123

EUR

10.98606.21.19

10.77502.11.19

10.946


378,475.309

362,362.488

(47,231.036)

693,606.761

EUR

11.00606.21.19

10.79602.11.19

10.965

SHARES

28




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

2,500.000 10.15625,389.7412.31.16 A - EUR - Capitalisation EUR2,060,186.578 9.99620,593,009.22I - EUR - Capitalisation EUR

908,012.398 10.0239,101,016.56Z - EUR - Capitalisation EUR

15,826.592 10.901172,524.50A - EUR - Capitalisation EUR12.31.175,942,909.150 10.78364,080,857.49I - EUR - Capitalisation EUR1,007,415.976 10.80810,888,089.05Z - EUR - Capitalisation EUR





29






security

Marketvalue

(see notes)

% ofnet

assets

800,000.00 EDP-ENERGIAS REG.SHS EUR 3.342 2,673,600.00 3.142,740,077.96

PORTUGAL

EQUITIES


133,000.00 GALP ENERGIA SA REG SHS -B- EUR 13.525 1,798,825.00 2.121,759,386.005.264,472,425.004,499,463.96TOTAL PORTUGAL

14,234.00 ACS EUR 35.110 499,755.74 0.59544,358.76

SPAIN

131,486.00 APPLUS SERVICES S.A. EUR 11.950 1,571,257.70 1.851,366,099.3370,000.00 CELLNEX TELECOM EUR 32.540 2,277,800.00 2.681,685,565.54

159,730.00 DISTRIBUCION INTEGRAL HOLDINGS EUR 19.920 3,181,821.60 3.753,296,828.2423,449.00 EBRO FOODS SA EUR 18.820 441,310.18 0.52432,549.02

200,000.00 EDP RENOVAVEIS SA EUR 9.020 1,804,000.00 2.121,818,000.00353,131.00 GLOBAL DOMINION ACCESS SA EUR 4.505 1,590,855.16 1.871,663,247.01

50,000.00 GRIFOLS SA -A- EUR 26.000 1,300,000.00 1.531,211,102.86200,000.00 IBERDROLA SA EUR 8.766 1,753,200.00 2.061,524,525.51120,000.00 MERLIN PROPERTIES SOCIMI S.A. EUR 12.200 1,464,000.00 1.721,415,786.50800,000.00 SACYR SA EUR 2.132 1,705,600.00 2.011,748,638.92

20.7017,589,600.3816,706,701.69TOTAL SPAIN

TOTAL EQUITIES 25.9622,062,025.3821,206,165.65


25.9622,062,025.3821,206,165.65

17,857.83 AURIGA I GFE AEQUITAS FUND -A- CAP EUR 121.410 2,168,119.38 2.552,189,037.34

LUXEMBOURG

OPEN-ENDED INVESTMENT FUNDS

INVESTMENT FUNDS

2.552,168,119.382,189,037.34TOTAL LUXEMBOURG

Ccy

30




security

Marketvalue

(see notes)

% ofnet

assets

29,083.49 MUTUAFONDO CORTO PLAZO -A- EUR 136.674 3,974,952.16 4.684,000,000.00

SPAIN

4.683,974,952.164,000,000.00TOTAL SPAIN

TOTAL OPEN-ENDED INVESTMENT FUNDS 7.236,143,071.546,189,037.34

TOTAL INVESTMENT FUNDS 7.236,143,071.546,189,037.34


Cash/(bank overdraft) 64.6654,952,334.15Other assets and liabilities 2.151,833,707.52

TOTAL NET ASSETS 100.0084,991,138.59

Ccy

31



June 30, 2019(in %)

Spain 25.38Portugal 5.26Luxembourg 2.55



33.19

% ofnet

assets

COUNTRIES

32



June 30, 2019(in %)

Investment funds 7.23Energy and water supply 5.20Tobacco and alcohol 3.75Miscellaneous services 3.72Data transmission 2.68Building and building materials 2.60Oil 2.12Environmental services & recycling 2.12Real estate 1.72Biotechnology 1.53Foodstuffs and non-alcoholic drinks 0.52


assets



33.19

33

FIDENTIIS TORDESILLAS SICAV EUROPEAN FINANCIAL OPPORTUNITIES


(in EUR)


ASSETS

Portfolio: (see notes)- Cost 27,587,694.92- Net unrealised result (3,162,268.76)

24,425,426.16

Cash:- Cash at sight 7,896,688.45- Fiduciary deposits 500,000.00

Other assets:- Interest receivable 53,055.05- Dividend receivable 15,618.83- Formation expenses, net 3,125.61

32,893,914.10

LIABILITIES

Bank overdraft:- Cash at sight 578.33- Margin call 44.14

Other liabilities:- Taxes and expenses payable 84,207.50- Unrealised loss on futures (see notes) 138,000.00- Interest payable 328.29

223,158.26

NET ASSETS 32,670,755.84



Represented by:



34




INCOME

Income from investments:- Dividends, net 876,203.10- Bond interest, net 107,567.66

983,770.76

EXPENSES



Other expenses:- Subscription tax (see notes) 7,846.24- Amortisation of formation expenses 579.45- Audit and legal fees 5,807.59- Transaction fees (see notes) 521,583.30- Administration and other expenses 10,224.11

790,224.17


Net realised result on:- Sales of investments (see notes) (1,449,183.13)- Foreign exchange (see notes) (10,447.68)

NET REALISED RESULT (1,266,084.22)

Change in net unrealised appreciation/(depreciation) on:- Investments 2,198,101.84- Futures 76,368.00


1,008,385.62


Subscriptions of shares 155,534.73Redemptions of shares (3,962,780.80)

(3,807,246.07)


(in EUR)


35









Highest 9.92105.02.19

Lowest 9.00103.26.19



267,564.824

0.000

(174,811.829)

92,752.995

EUR

10.15205.02.19

9.20603.26.19

9.697


3,333,969.542

8,292.187

(215,286.637)

3,126,975.092

EUR

10.39205.02.19

9.42203.26.19

9.930

SHARES

36




Date ShareClass

Number of shares

outstanding

NetAssets

Ccy Net assetvalue

per share

* First valuation

585,400.000 10.0005,854,000.00Z - EUR - Capitalisation03.01.17* EUR250.000 10.0542,513.40A - EUR - Capitalisation03.28.17* EUR

20,000.000 9.928198,566.16I - EUR - Capitalisation04.13.17* EUR

14,710.481 10.324151,867.61A - EUR - Capitalisation EUR12.31.17415,837.989 10.4814,358,446.99I - EUR - Capitalisation EUR


83,767.147 9.235773,598.33A - EUR - Capitalisation12.31.18 EUR267,564.824 9.4332,523,975.35I - EUR - Capitalisation EUR


76,092.157 9.468720,478.41A - EUR - Capitalisation06.30.19 EUR92,752.995 9.697899,438.81I - EUR - Capitalisation EUR


37






security

Marketvalue

(see notes)

% ofnet

assets

40,000.00 ERSTE GROUP BANK AG EUR 32.64 1,305,600.00 3.991,274,644.00

AUSTRIA

EQUITIES


50,000.00 RAIFFEISEN BANK INTERNATIONAL-HOLDING AG EUR 20.63 1,031,500.00 3.161,042,449.007.152,337,100.002,317,093.00TOTAL AUSTRIA

13,000.00 KBC GROUPE SA EUR 57.64 749,320.00 2.29848,254.77

BELGIUM

2.29749,320.00848,254.77TOTAL BELGIUM

8,000.00 SAMPO OYJ -A- EUR 41.50 332,000.00 1.02335,864.80

FINLAND

1.02332,000.00335,864.80TOTAL FINLAND

33,000.00 BNP PARIBAS SA EUR 41.77 1,378,245.00 4.221,411,182.50

FRANCE

47,000.00 CREDIT AGRICOLE SA EUR 10.55 495,615.00 1.52482,614.805.741,873,860.001,893,797.30TOTAL FRANCE

2,000.00 ALLIANZ SE REG SHS EUR 212.00 424,000.00 1.29377,792.38

GERMANY

53,000.00 COMMERZBK EUR 6.32 334,907.00 1.03325,610.802.32758,907.00703,403.18TOTAL GERMANY

20,000.00 BANCA GENERALI SPA EUR 25.32 506,400.00 1.55464,912.00

ITALY

245,338.00 CREDITO EMILIANO SPA EUR 4.24 1,039,006.43 3.181,584,993.9660,000.00 FINECOBANK EUR 9.81 588,600.00 1.80605,712.00

450,000.00 INTESA SANPAOLO SPA EUR 1.88 846,900.00 2.591,174,236.5650,000.00 MEDIOBANCA SPA EUR 9.07 453,300.00 1.39472,603.9550,000.00 UNICREDIT -REGISTERD SHARE EUR 10.83 541,300.00 1.66556,766.81

12.173,975,506.434,859,225.28TOTAL ITALY

50,000.00 DNB NOK 158.70 817,940.05 2.50771,164.23

NORWAY

2.50817,940.05771,164.23TOTAL NORWAY

25,000.00 GRUPA PEKAO SA PLN 111.80 658,344.13 2.02636,159.06

POLAND

130,000.00 PKO BANK POLSKI SA PLN 42.82 1,311,176.54 4.011,193,546.046.031,969,520.671,829,705.10TOTAL POLAND

100,000.00 BANCO SANTANDER SA REG SHS EUR 4.08 408,050.00 1.25402,350.00

SPAIN

910,000.00 BANKIA BEARER SHS EUR 2.08 1,890,980.00 5.783,165,092.55300,000.00 CAIXABANK EUR 2.52 755,400.00 2.31844,800.00

Ccy

38




security

Marketvalue

(see notes)

% ofnet

assets

100,000.00 MAPFRE REG-SHS EUR 2.57 257,100.00 0.79264,500.001,545,200.00 UNICAJA BANCO EUR 0.79 1,212,982.00 3.711,853,932.64

13.844,524,512.006,530,675.19TOTAL SPAIN

50,000.00 SHB -A- SEK 91.88 435,112.05 1.33480,804.44

SWEDEN

1.33435,112.05480,804.44TOTAL SWEDEN

800.00 PARTNERS GROUP HLDG NAMEN AKT CHF 767.00 552,797.77 1.69500,275.08

SWITZERLAND

1.69552,797.77500,275.08TOTAL SWITZERLAND

65,000.00 ABN AMRO GROUP DEP RECEIPT EUR 18.82 1,222,975.00 3.751,633,909.36

THE NETHERLANDS

90,800.00 ING GROEP EUR 10.20 925,796.80 2.83928,886.689,500.00 VAN LANSCH KEMP - CERT. OF SHS EUR 19.96 189,620.00 0.58226,278.15


1,600,000.00 LLOYDS BANKING GROUP PLC GBP 0.57 1,011,190.28 3.101,033,408.13

UNITED KINGDOM


TOTAL EQUITIES 66.3421,676,158.0524,892,744.69

200,000.00 INTESA SAN PAOLO FL.R 17-XX 16/05S EUR 103.05 206,094.00 0.63200,000.00

ITALY

FLOATING RATES BONDS

500,000.00 UNICREDIT FL.R 14-XX 10/09S EUR 100.43 502,165.00 1.54498,750.002.17708,259.00698,750.00TOTAL ITALY

600,000.00 BANKIA SUB FL.R 17-XX 18/07Q EUR 102.97 617,838.00 1.89599,300.00

SPAIN

700,000.00 IBERCAJA FL.R 15-25 28/07A EUR 103.66 725,648.00 2.23700,000.00100,000.00 MAPFRE SUB FL.R 17-47 31/03A EUR 112.70 112,697.00 0.34100,000.00

4.461,456,183.001,399,300.00TOTAL SPAIN

500,000.00 SANTANDER UK GRP FL.R 17-XX 10/04A GBP 104.73 584,826.11 1.79596,900.23

UNITED KINGDOM

1.79584,826.11596,900.23TOTAL UNITED KINGDOM

TOTAL FLOATING RATES BONDS 8.422,749,268.112,694,950.23


74.7624,425,426.1627,587,694.92


Cash/(bank overdraft) 25.708,396,065.98Other assets and liabilities (0.46)(150,736.30)

TOTAL NET ASSETS 100.0032,670,755.84

Ccy

39



June 30, 2019(in %)

Spain 18.30Italy 14.34The Netherlands 7.16Austria 7.15Poland 6.03France 5.74United Kingdom 4.89Norway 2.50Germany 2.32Belgium 2.29Switzerland 1.69Sweden 1.33Finland 1.02



74.76

% ofnet

assets

COUNTRIES

40



June 30, 2019(in %)

Banks and other credit institutions 65.61Holding and finance companies 3.48Insurance 3.44Other 2.23


assets



74.76


NOTES TO THE FINANCIAL STATEMENTS

June 30, 2019

41

GENERAL FIDENTIIS TORDESILLAS SICAV (the “Fund”) is an open-ended investment company organised under the laws of Luxembourg as a Société d'Investissement à Capital Variable (“SICAV”) incorporated under the form of a public limited liability company (société anonyme) on November 23, 2010 and authorised under part I of the Law of December 17, 2010, as amended. The Fund is registered with the Luxembourg trade and companies register under number B 156.897. Its original Articles have been published in the Mémorial on December 4, 2010. The Fund is an umbrella structure consisting of one or several Sub-Funds. A separate portfolio of assets is maintained for each Sub-Fund and is invested in accordance with the investment objective and policy applicable to that Sub-Fund. Currently, the following Sub-Funds of the Fund are available to investors: - FIDENTIIS TORDESILLAS SICAV - IBERIA - FIDENTIIS TORDESILLAS SICAV - GLOBAL

STRATEGY - FIDENTIIS TORDESILLAS SICAV - IBERIA

LONG-SHORT - FIDENTIIS TORDESILLAS SICAV -

EUROPEAN FINANCIAL OPPORTUNITIES The main objective of the Sub-Fund FIDENTIIS TORDESILLAS SICAV - IBERIA is to achieve capital appreciation over the long term by investing in equities and equity related securities. Market risk of direct and indirect equity investments will be considered in order to establish the suited equity exposure, looking to reduce the volatility of the return. As at June 30, 2019, the Sub-Fund issues Shares of different classes: - Class A - EUR - Class I - EUR - Class Z - EUR The main objective of the Sub-Fund FIDENTIIS TORDESILLAS SICAV - GLOBAL STRATEGY is to achieve capital appreciation over the long term by investing in equity, equity related Transferable Securities and fixed income Transferable Securities. The Sub-Fund seeks a moderate return focusing on a downside risk control.

As at June 30, 2019, the Sub-Fund issues Shares of different classes: - Class A - EUR - Class I - EUR - Class Z - EUR

The main objective of the Sub-Fund FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT is to achieve capital appreciation over the long term by investing in equities and equity related securities, in such a way that risk (notably downside risk) is substantially reduced. With its market hedging approach, the Sub-Fund aims to keep the volatility under 8% (12-month rolling daily returns’ volatility). Long investments are based on a fundamental stock picking, focused on gaining exposure to those companies with best expectations while short synthetic positions will aim to capture down-trend performance from those companies with worst expectations, under a deep and strict control of the performance. In addition, market risk is hedged mainly by selling index futures in order to adapt the net exposure to the manager's expectations and macro environment. As at June 30, 2019, the Sub-Fund issues Shares of different classes: - Class A - EUR - Class I - EUR - Class Z - EUR The main objective of the Sub-Fund FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIAL OPPORTUNITIES is to achieve capital appreciation over the long term by investing in equities, equity-related securities, hybrid securities, fixed income securities and cash (or cash equivalents) in the financial sector (primarily in banks and insurance companies although the Sub-Fund may also invest in diversified financials and closed-ended real estate investment trusts and companies investing in real estate assets). Coupons and dividends will be reinvested. As at June 30, 2019, the Sub-Fund issues Shares of different classes: - Class A - EUR - Class I - EUR - Class Z - EUR


42

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Presentation of financial statements The financial statements of the Fund have been prepared in accordance with accounting principles generally accepted in Luxembourg, including the following significant policies. The Statement of net assets and Statement of operations and changes in net assets are expressed in EUR. b) Valuation of the investments Securities and money market instruments listed on an official stock exchange or dealt in on any other regulated market are valued at their last available price in Luxembourg on the Valuation Day and, if the security or money market instrument is traded on several markets, on the basis of the last known price on the main market of this security. If the last known price is not representative, valuation will be based on the fair value at which it is expected it can be sold, as determined with prudence and in good faith by the Board of Directors. Unlisted securities and securities or money market instruments not traded on a stock exchange or any other regulated market as well as listed securities and securities or money market instruments listed on a regulated market for which no price is available, or securities or money market instruments whose quoted price is, in the opinion of the Board of Directors, not representative of actual market value, are valued at their last known price in Luxembourg or, in the absence of such price, on the basis of their probable realisation value, as determined with prudence and in good faith by the Board of Directors. Liquid assets and money market instruments are valued at their nominal value plus accrued interest, or on the basis of amortised costs. c) Valuation of investments in open-ended investment

funds Investments in open-ended investments funds are valued at their last available net asset value. d) Net realised gain or loss on sales of investments Realised gains or losses on sales of investments are calculated on the basis of average cost of the investments sold. e) Conversion of foreign currencies The accounting records and the financial statements of the Fund are expressed in EUR. Bank accounts, other net assets and market value of the investments in securities expressed in currencies other than EUR are converted into EUR at the exchange rates prevailing on

the date of the statement of net assets. Income and expenses in currencies other than EUR are converted into EUR at the rate of exchange prevailing at payment date. f) Valuation of futures Futures are valued by reference to the last available settlement price on the relevant market. g) Valuation of swaps contracts The valuation of swaps contracts are based on a calculation of the net present value of their expected cash flows. h) Cost of investments in securities Cost of investments in securities in currencies other than EUR is converted into EUR at the exchange rate applicable at purchase date. i) Formation expenses Formation expenses are amortised on a straight line basis over a period of maximum 5 years. j) Income and expenses recognition Dividends are recorded at ex-date. Interest is accounted for on a prorata basis. k) The Directors’ remuneration The Director’s remuneration are presented in the Administration and other expenses.

EXCHANGE RATES AS AT JUNE 30, 2019

1 CHF = 0.90090 EUR 1 GBP = 1.11679 EUR 1 NOK = 0.10308 EUR 1 PLN = 0.23554 EUR 1 SEK = 0.09471 EUR 1 USD = 0.87947 EUR


43

COMMISSIONS ON ISSUE, CONVERSION AND REPURCHASE

OF THE FUND'S SHARES

A subscription charge, not exceeding 5% may be levied upon the subscription of Shares. Shares in the Sub-Funds may be redeemed as of each Business Day. Where shares in the Sub-Funds are redeemed the redemption proceeds thereof will be subject to a redemption charge, at a rate of up to 3% of the Net Asset Value. Shares of one Sub-Fund may be converted into shares of another Sub-Fund at a price based on the net asset value calculated on the relevant valuation date plus a conversion fee of up to 3%.

MANAGEMENT COMPANY FEE, INVESTMENT MANAGEMENT FEE

AND PERFORMANCE FEE

The Board of Directors is responsible for the overall management and control of the Fund. It will review the operations of the Fund and the Management Company. The Board of Directors has appointed Lemanik Asset Management S.A. as the Management Company of the Fund. The Management Company will provide, subject to the overall control of the Board of Directors and without limitation, asset management services, central administration, registrar and transfer agency services, and distribution services to the Fund. The Management Company is also appointed as domiciliary agent of the Fund. As remuneration for its management company services, the Management Company is entitled to receive out of the assets of each Class within each Sub-Fund an annual fixed fee or a recurring management fee as follows: - From EUR 0 to EUR 25 million: 0.15% p.a.

payable monthly and based on the average net assets of each Sub-Fund during the relevant month;

- From EUR 25 to EUR 50 million: 0.12% p.a. payable monthly and based on the average net assets of each Sub-Fund during the relevant month;

- From EUR 50 to EUR 100 million: 0.10% p.a. payable monthly and based on the average net assets of each Sub-Fund during the relevant month;

- Above EUR 100 million: 0.07% p.a. payable monthly and based on the average net assets of each Sub-Fund during the relevant month;

with a minimum of EUR 25,000 p.a. per Sub-Fund. The Management Company has appointed Fidentiis Gestión S.G.I.I.C. S.A. as the investment manager of the Sub-Funds (the “Investment Manager”) to carry out investment management services and to be responsible for the investment activities of the Sub-Funds.

The remuneration paid by the Fund to the Investment Manager for its services is as follows: For the Sub-Fund FIDENTIIS TORDESILLAS SICAV - IBERIA: - Class A: 1.75% p.a. of the Net Asset Value - Class I: 1.25% p.a. of the Net Asset Value - Class Z: 1.00% p.a. of the Net Asset Value. For the Sub-Fund FIDENTIIS TORDESILLAS SICAV - GLOBAL STRATEGY: - Class A: 1.60% p.a. of the Net Asset Value - Class I: 1.50% p.a. of the Net Asset Value - Class Z: 1.00% p.a. of the Net Asset Value. For the Sub-Fund FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT: - Class A: 1.75% p.a. of the Net Asset Value - Class I: 1.25% p.a. of the Net Asset Value - Class Z: 1.25% p.a. of the Net Asset Value. For the Sub-Fund FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIAL OPPORTUNITIES: - Class A: 1.75% p.a. of the Net Asset Value - Class I: 1.25% p.a. of the Net Asset Value - Class Z: 1.00% p.a. of the Net Asset Value. In addition to the investment management fee, the Investment Manager is entitled to receive a performance fee of 10 % of the performance achieved over a High Water Mark out of the net assets of the Sub-Funds, except for the Sub-Funds FIDENTIIS TORDESILLAS SICAV - IBERIA and FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIAL OPPORTUNITIES, for which the rate are respectively 15% and 7 %.

ADMINISTRATION FEES AND DEPOSITARY AND SAFEKEPING FEES As remuneration for their custody and administration services, the Depositary and the Administrative Agents are entitled to receive, out of the assets of each Class within each Sub-Fund, a fee of up to 0.14% of NAV subject to an annual minimum fee of EUR 50,000 for the second year, the third and the fourth year after the launch of the first Sub-Fund of the Fund and EUR 100,000 during the fifth and following years.

DIRECTOR FEE

For the period ended, a director fee of EUR 10,733.76 is included in the section administration and other expenses in the statement of operations and changes in net assets. The director fee is accrued daily, and payable annually to the directors of the Fund.


44

TRANSACTIONS FEE The total amount of EUR 1,028,234.60 for transaction fees is included in the combined statement of operations and changes in net assets and is mainly composed of fees incurred by each Sub-Fund relating to purchase and sale transactions of securities and to transactions on financial derivative instruments.

SUBSCRIPTION TAX

The Fund is governed by the Luxembourg taxation laws. The Fund’s assets are subject to tax (“taxe d'abonnement”) in Luxembourg of 0.05% p.a. on net assets (and 0.01% p.a. on total net assets in case of Sub-Funds or Classes reserved to Institutional Investors), payable quarterly. In case some Sub-Funds are invested in other Luxembourg UCIs, which in turn are subject to the annual subscription tax provided for by the amended Law of December 17, 2010, no annual subscription tax is due from the Fund on the portion of assets invested therein. The Fund's income is not taxable in Luxembourg. Income received from the Fund may be subject to withholding taxes in the country of origin of the issuer of the security, in respect of which such income is paid. No duty or tax is payable in Luxembourg in connection with the issue of Shares of the Fund.

CHANGES IN THE SECURITIES PORTFOLIO

A copy of the changes in the securities portfolio of the Fund is available free of charge at the Registered Office of the Fund.

DELEGATION Edmond de Edmond de Rothschild Asset Management (Luxembourg) and Edmond de Rothschild (Europe) may delegate all or part of their functions and duties to a sub-contractor which, having regard to the nature of the functions and duties to be delegated, must be qualified and capable of undertaking the duties in question.

SUBSEQUENT EVENTS The Sub-Fund FIDENTIIS TORDESILLAS SICAV - VITALIS GLOBAL ALLOCATION was launched as at July 26, 2019.

45


ASSETS ON FIDUCIARY DEPOSITS AS AT JUNE 30, 2019

Amount Rate (%) PeriodEUR 6,000,000.00 (0.4%) 06.04.19 09.14.52-EUR 3,000,000.00 (0.4%) 03.21.19 09.14.52-EUR 3,000,000.00 (0.4%) 05.24.19 09.14.52-EUR 5,000,000.00 (0.4%) 06.26.19 09.14.52-

FIDENTIIS TORDESILLAS SICAV - IBERIA

Amount Rate (%) PeriodEUR 13,000,000.00 (0.4%) 06.07.19 09.14.52-EUR 15,000,000.00 (0.43%) 06.11.19 09.14.52-EUR 15,000,000.00 (0.4%) 06.11.19 09.14.52-EUR 3,000,000.00 (0.4%) 11.22.18 09.14.52-

FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT

Amount Rate (%) PeriodEUR 500,000.00 (0.4%) 06.04.19 09.14.52-

FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIALOPPORTUNITIES

46


IBEX 35 INDEX 07/19 10 9,173.00 (23,510.00)Purchase 75 EUR 6,899,100.00 JP Morgan LondonFUTURES ON INDEX

(23,510.00)

The unrealised gain/(loss) results on the outstanding futures contracts as at June 30, 2019 for FIDENTIIS TORDESILLAS SICAV -IBERIA are included in the statement of net assets of the Sub-Fund.

FIDENTIIS TORDESILLAS SICAV - IBERIA

Sale /Purchase

Contract(s) UnrealisedresultEUR

Quantity Size Price as at06.30.19

CommitmentEUR

Brokers

EURO E-MINI (CME) 09/19 62,500 1.14 27,010.69Purchase 117 USD 7,361,698.03 Morgan Stanley &Co. InternationalPlc

FUTURES ON EXCHANGE RATES

27,010.69

FIDENTIIS TORDESILLAS SICAV - GLOBAL STRATEGY

Sale /Purchase



CommitmentEUR

Brokers

DJ EURO STOXX 50 09/19 10 3,466.00 (34,450.00)Sale 185 EUR 6,412,100.00 Morgan Stanley &Co. InternationalPlc

FUTURES ON INDEX

DJ.STOXX600.OIL(EUX) 09/19 50 325.10 (2,155.00)Sale 137 EUR 2,239,059.50 Morgan Stanley &Co. InternationalPlc

(36,605.00)

The unrealised gain/(loss) results on the outstanding futures contracts as at June 30, 2019 for FIDENTIIS TORDESILLAS SICAV -GLOBAL STRATEGY are included in the statement of net assets of the Sub-Fund.

IBEX 35 INDEX 07/19 10 9,173.00 (15,200.00)Sale 100 EUR 9,198,800.00 Morgan Stanley &Co. InternationalPlc

FUTURES ON INDEX

(15,200.00)

The unrealised gain/(loss) results on the outstanding futures contracts as at June 30, 2019 for FIDENTIIS TORDESILLAS SICAV -IBERIA LONG-SHORT are included in the statement of net assets of the Sub-Fund.


Sale /Purchase



CommitmentEUR

Brokers

FUTURES

As at June 30, 2019, the following futures contract(s) was (were) outstanding :

47


EURO STOX BANK IDX 09/19 50 87.90 (138,000.00)Sale 1,150 EUR 5,054,250.00 Morgan Stanley &Co. InternationalPlc

FUTURES ON INDEX

(138,000.00)

The unrealised gain/(loss) results on the outstanding futures contracts as at June 30, 2019 for FIDENTIIS TORDESILLAS SICAV -EUROPEAN FINANCIAL OPPORTUNITIES are included in the statement of net assets of the Sub-Fund.

FIDENTIIS TORDESILLAS SICAV - EUROPEAN FINANCIAL OPPORTUNITIES

Sale /Purchase



CommitmentEUR

Brokers

(Continued)

FUTURES

As at June 30, 2019, the following futures contract(s) was (were) outstanding :


48

SWAPS CONTRACTS As at June 30, 2019, the following swaps contract(s) was (were) outstanding:


Quantity Flow received Flow paid Currency Maturity

date Notional

EUR Unrealised result

EUR

20,000.00 EUR LIBOR EQS 1 MONTH VISCOFAN SA EUR 01/07/2019 20,000.00 (9,591.16)

The unrealised gain/(loss) result on the outstanding swaps contracts as at June 30, 2019 for FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT is included in the statement of net assets of the Sub-Fund. The counterparty of the above swaps contracts is Morgan Stanley & Co. International Plc.


SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION

49

SWAPS CONTRACTS FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT

Assets used In EUR In absolute terms 9,591.16

As a % of total net asset value 0.01% Transactions classified according to residual maturities

In EUR

Less than 1 day 9,591.16 From 1 day to 1 week -

From 1 week to 1 month - From 1 month to 3 months -

From 3 months to 1 year - Above 1 year -

Open maturity - The 10 largest counterparties In EUR

First name Morgan Stanley & Co. International Plc

Gross volumes for open trades 9,591.16 First country of domicile United Kingdom

Second name -

Gross volumes for open trades - Second country of domicile -

Third name -

Gross volumes for open trades - Third country of domicile -

Collateral received In EUR

Type: Cash

-

Quality

-

Currency

-

Classification according to residual maturities:

Less than 1 day - From 1 day to 1 week -

From 1 week to 1 month - From 1 month to 3 months -

From 3 months to 1 year - Above 1 year -

Open maturity -

The 10 largest issuers of collateral received

In EUR

First name - Amount -


SECURITIES FINANCING TRANSACTIONS AND OF REUSE REGULATION

(CONTINUED)

50

SWAPS CONTRACTS FIDENTIIS TORDESILLAS SICAV - IBERIA LONG-SHORT

Revenue and expenditure components

In EUR

Revenue component of the fund: In absolute amount -

In % of gross revenue 100% Expenditure component of the

fund 491,182.98

Revenue component of the Management Company

In absolute amount - In % of gross revenue -

Revenue component of third parties

In absolute amount - In % of gross revenue -

Revenue component and expenditure component of the Fund includes interests, dividends, realised and change in unrealised on swaps contracts. There is no reuse of cash collateral related to swaps contracts. All trades open at the end of the year have been transacted through bilateral settlement.


REMUNERATION POLICY OF THE MANAGEMENT COMPANY (UCITS V)

51

The Management Company has established and applies a remuneration policy and practices that are consistent with, and promote, sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profiles, rules, the Prospectus or the Articles nor impair compliance with the Management Company’s obligation to act in the best interest of the Fund (the Remuneration Policy). The Remuneration Policy includes fixed and variable components of salaries and applies to those categories of staff, including senior management, risk takers, control functions and any employee receiving total remuneration that falls within the remuneration bracket of senior management and risk takers whose professional activities have a material impact on the risk profiles of the Management Company, the Fund or the Sub-Funds. Within the Management Company, these categories of staff represent 22 persons. The Remuneration Policy is in line with the business strategy, objectives, values and interests of the Management Company, the Fund and the Shareholders and includes measures to avoid conflicts of interest. In particular, the Remuneration Policy will ensure that: a) the staff engaged in control functions are compensated in accordance with the achievement of the objectives linked to their functions, independently of the performance of the business areas that they control; b) the fixed and variable components of total remuneration are appropriately balanced and the fixed component represents a sufficiently high proportion of the total remuneration to allow the operation of a fully flexible policy on variable remuneration components, including the possibility to pay no variable remuneration component; c) the measurement of performance used to calculate variable remuneration components or pools of variable remuneration components includes a comprehensive adjustment mechanism to integrate all relevant types of current and future risks. The following table shows the fixed and variable remuneration in 2018 for the Identified Staff (22 persons), who is fully or partly involved in the activities of all the funds managed by the Management Company. For the purposes of the below disclosures, where portfolio management activities have been formally delegated to another entity, the remuneration of the relevant identified staff of the delegate has been excluded, as it is not paid out by the Management Company or by the Fund. Staff expenses split into fixed and variable remuneration Wages and salaries

a. Fixed

b. Variable Staff expenses broken down by categories of staff subject to UCITS V pay rules

Staff code Fixed remuneration in EUR Variable remuneration in EUR Total in EUR S 1,637,510.59 753,648.12 2,391,158.71 R 451,755.00 25,876.50 477,631.50 C 575,921.11 7,175.00 583,096.11 O 0 0 0 S = Senior Management R = Risk takers, which includes staff members whose professional activities can exert material influence on UCITS or AIFs managed by Lemanik Asset Management S.A. C = Staff engaged in control functions (other than senior management) responsible for risk management, compliance, internal audit and similar functions O = Any other staff member receiving total remuneration that takes them into the same remuneration bracket as senior management and risk-takers, whose professional activities have a material impact on LAM’s risk profile A paper copy of the summarised Remuneration Policy is available free of charge to the Shareholders upon request. No material changes have been made to the remuneration policy.


REMUNERATION POLICY OF THE INVESTMENT MANAGER (UCITS V)

(CONTINUED)

52

In Compliance with the information obligations set up on Article 46.1 bis of the Spanish Law 35/2003 of November 4th of Collective Investments Schemes, Fidentiis Gestión S.G.I.I.C. S.A. informs that in the year 2018, total remuneration paid by the Company to its employees was EUR 973,978.32 for fixed remuneration and EUR 1,827,538.15 for variable remuneration, being 14 the number of recipients. In addition, Company’s Senior Officers received a total of EUR 1,208,267.83, while the Staff whose activity has a material impact on the risk profile of the managed funds received a total of EUR 1,305,575.04.

fidentiis tordesillas sicav · mr ricardo seixas executive director and fund manager fidentiis...

Documents